Review of Veblen's "The Theory of Business Enterprise,"
by John C. Duncan.

The Annals of the American Academy of Political and Social Science.
Philadelphia: American Academy of Political and Social Science, 1905 
Vol. XXV (Jan., 1905-Jun., 1905)

Annals of the American Academy of Political and Social Science.
Vol. 25, June 1905, p. 612
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[612]
Veblen, Thornstein. The Theory of Business Enterprise. Pp. viii, 400.
Price, $1.50. New York: Charles Scribner's Sons, 1904.

The author presents his theory of the modern economic situation from the view-
point of business traffic. The book lacks the desirable quality of terseness and 
the writer at times wanders from the main line of his subject. A commendable 
feature is the formulation of many of his statements in symbols of mathematics, 
which are not incorporated in the text, but in footnotes. Modern business is no 
longer based so much upon mere commerce or trade as upon the processes of 
industry. We deal now in capital, in stocks and bonds, as well as in goods 
themselves. Industry is no longer so much a quest for livelihood as it is a 
seeking for profits.

The concluding chapters of the book dwell at some length upon the influences 
which this "machine process," as he terms the industrial situation, has upon the 
thought and civilization of the world.

While we may agree that the modern world does have a skeptical, materialistic, 
matter-of-fact attitude of mind, it seems rather strong to say this view is due 
to the machine process entirely. Is the Church not losing its influence largely 
because other institutions are coming in which do its old work more effectively 
than the church formerly did? In one sense it undoubtedly is due to that 
influence, for modern business is an outgrowth of the present industrial 
processes, and business methods have been adopted by these later and more 
effective institutions. 

Business enterprise, to cite the author, may make our literature affected and 
archaic and may promulgate spendthrift aspirations. To imply that business 
enterprise will cause man to give up his spiritual beliefs is hard to accept.

John C. Duncan.
University of Pennsylvania.
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